Why is this concept so hard to understand? in General Real Estate on May 8, 2008 May 8, 2008 with 4 Comments Information wants to be free. Seeking to control the information is passÃ©. Related – What if Zillow is right? (Visited 44 times, 1 visits today) Related Zillow Previous Post← What if the Meadowcreek Parkway didn’t exist? What if the Meadowcreek Parkway didn't exist? Next PostDarden’s Dean is blogging → Darden's Dean is blogging You May Also Like on June 14, 2008 Walk Score and Zillow sitting in a tree on June 15, 2008 A thought on the current Realtor.com/AVM debate on September 29, 2008 Trulia, Zillow, Cyberhomes or the Charlottesville MLS?
Zillow is an intriguing tool. I’m looking for a house, and I use the various web tools.
Went to an open house this past Sunday, listed for 342K. Realtor kept saying “It’s a FAIR PRICE. Charlottesville’s market isn’t impacted by declining values like the rest of the country.”
(Oh, really? Charlottesville’s Bubble remains completely intact? :0) & Anyway, I wasn’t arguing.)
But on Zillow, I find that the Tax Assessor thinks the property is worth 260K….
And I also know what the last sale price was.
So of course if I was to make an offer, I’d take this info into consideration.
Fred’s example above is exactly why one needs to dig deeper and beyond what any one commercial website offers. I like to think of it this way: where is the data coming from and can I get the information directly from the source. In this case, Zillow’s data is not current and the $260K assessment is not accurate. The current city assessed value of the property you are describing is $326,400. (I ran a search on actives at $342K and compared it to Zillows… I think I got the right house). Online city records for assessed values http://realestate.charlottesville.org/LandRover.asp
should be more accurate compared to Zillow, Homegain, Cyberhomes, etc.
Zillow in many cases is inflating values more than any agent I know! The latest house I listed is shown in Zillow at over $50K above what it’s likely to sell for! I’m not worrying yet about Zillow replacing my knowledge of home values!
Zillow’s home valuations don’t concern me (yet) – but the information that they, Trulia, Cyberhomes present around the listing data is crucial to their success.
They offer more than just listings, and that is one of the reasons that agents and brokers send their listings there and why consumers go there.
Put the best information out there and the consumers will find it, and likely trust it.
The walled garden is opening and is becoming obsolete. Witness NYTimes’ “Select” and the WSJ’s impending opening.
If it’s not findable by the search engines, it might as well not exist.
We’re not Lexis-Nexis.